LIC Market Plus 1
Product Info
UIN
512L249V01
Status
Withdrawn
Launch Date
16/05/2008
Withdrawn Date
12/12/2009
Product Overview
This is a unit linked deferred pension plan. You can take the plan with or without life cover. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.
Product Description
- This is a unit linked deferred pension plan
- Life Cover Option-You can take the plan with or without life cover
- You can also choose the level of cover within the limits
- Policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.
COMPARE & BUY SIMILAR PLANS
Unique Features
LIC's Market Plus-1 is a unit linked pension plan.
The plan can be opted with life cover(with a life cover rider) or without life cover.
Life cover can be reduced once in a policy year within limits specified by the product.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| For Basic Plan without Life Cover | |||||
| Minimum | Maximum | ||||
| Entry Age | 18 years (last birthday) | Regular premium: 75 years (nearest birthday) | |||
| Single premium: 80 years (nearest birthday) | |||||
| Vesting Age | 40 years (completed) | 85 years (nearest birthday) | |||
| Minimum Deferment Term | Regular premium: 10 years | ||||
| Single premium: 5 years | |||||
| Sum Assured | Nil | ||||
| Regular premium (other than monthly (ECS) mode) | Rs. 5,000 p.a. for deferment term 20 years and above | ||||
| Rs. 10,000 p.a. for deferment term 15 to 19 years | |||||
| Rs. 15,000 p.a. for deferment term 10 to 14 years | |||||
| Regular premium (for monthly (ECS) mode) | Rs. 1,000 p.m. for deferment term 15 years and above | ||||
| Rs. 1,500 p.m. for deferment term 10 to 14 years | |||||
| Single premium | Rs. 30,000 for deferment term 5 years and above | ||||
| Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-. |
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| For Basic Plan with Life Cover | |||||
| Minimum | Maximum | ||||
| Entry Age | 18 years (last birthday) | 65 years (nearer birthday) | |||
| Age at vesting | 40 years (completed) | 75 years (nearest birthday) | |||
| Minimum Deferment Term | Regular premium: 10 years Single premium: 5 years | ||||
| Minimum Premium - Regular premium | Rs. 5,000 p.a. for deferment term 20 years and above | ||||
| Rs. 10,000 p.a. for deferment term 15 to 19 years | |||||
| Rs. 15,000 p.a. for deferment term 10 to 14 years | |||||
| Regular premium (for monthly (ECS) mode) | Rs. 1,000 p.m. for deferment term 15 years and above | ||||
| Rs. 1,500 p.m. for deferment term 10 to 14 years | |||||
| Single premium | Rs. 30,000 for deferment term 5 years and above | ||||
| Minimum Sum Assured | Rs. 30,000 for single premium | ||||
| Regular Premium | |||||
| If Critical Illness Benefit Rider is opted for | 10 times of the annualized premium if age at entry is upto 40 years | ||||
| 5 times of the annualized premium if age at entry is 41 years and above. | |||||
| If Critical Illness Benefit Rider is not opted for: | 20 times of the annualized premium if age at entry is upto 40 years. | ||||
| 10 times of the annualized premium if age at entry is 41 years and above. | |||||
OneInsure App Benefits
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Product Benefit
- Maturity Benefit/Vesting Benefit:
In case of life assured surviving till vesting date, fund value is compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. There is an option of withdrawing 1/3rd of fund value and utilize the remaining amount for buying a pension. - In case of Death:
Life cover Sum Assured plus the Policyholder’s Fund Value, if life cover is opted for. If life cover is not opted for, then only the Policyholder’s Fund Value is payable. - In case of Death due to accident:
Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.
- In case of Critical Illness Claim:
Critical Illness Rider Sum Assured, if opted for
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Top-up (Additional Premium) | You can pay additional premium in multiples of Rs.1,000 without any limit at anytime during the term of policy. | |||||
| Top-up can be paid only if all premiums have been paid under the policy. | ||||||
| Switching | You can switch between any fund types during the policy term subject to switching charges, if any. | |||||
| Partial Withdrawal: | No partial withdrawal of units will be allowed under this plan. | |||||
| Discontinuance of premiums and revival | If premiums are payable either yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace, the Policy will lapse. | |||||
| For two years from the due date of first unpaid premium | ||||||
| Till the date of vesting | ||||||
| Till such period that the Policyholder’s Fund Value reduces to one annualized premium, whichever is earlier. | ||||||
| Investment Fund Options | ||||||
| Fund Type | Debt Instrument Limits | Equity Instrument Limits | ||||
| Bond Fund | 100% | NIL | ||||
| Secured Fund | 45% to 85% | 15% to 55% | ||||
| Balanced Fund | 30% to 70% | 30% to 70% | ||||
| Growth Fund | 20% to 60% | 40% to 80% | ||||
| Revival | If premiums have not been paid for at least 3 years, the policy may be revived within two years from the due date of first unpaid premium. | |||||
| If at least 3 years’ premiums have been paid and subsequent premiums are not duly paid | ||||||
| If 3 years or more than 3 years premiums have been paid and the Policyholder’s Fund Value reduces to one annualized premium | ||||||
| Loan | No loan will be available under this plan. | |||||
| In case of Surrender (including Compulsory Surrender) | The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years. | |||||
Add-ons
- Accident Benefit Option:
If you have opted for life cover, you may opt for Accident Benefit equal to life cover subject to minimum Rs. 25,000 and maximum Rs. 50 lakh (taken all policies with LIC of India and other insurers). This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 70 years. In case of death by Accident, an additional sum equal to Accident benefit will be payable.
- Critical Illness Benefit Rider:
If you have opted for life cover, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs. 50,000 and maximum of Rs. 10 lakh (including other policies with LIC of India) provided the policy term is 10 years and above. This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 60 years or for a maximum policy term of 35 years whichever is earlier. In case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, a sum equal to the Critical Illness Benefit shall be payable
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC Market Plus 1 Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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